TEN - Tenneco gains after offer to redeem debt amid deal Apollo Global deal
- Tenneco ( NYSE: TEN ) jumped 4.3% after late Wednesday disclosing that it tends to fully redeem two outstanding notes.
- The automaker said it intends to redeem all outstanding 5?% senior notes due 2024 and all outstanding 5% senior notes due 2026 on Oct. 7.
- The redemption is conditioned on completion of Tenneco's sale to Apollo Global ( APO ) and completion of an offering of debt securities on or prior to redemption date. Bloomberg reported in late July that banks have delayed the $5.4 billion financing for the $20/share buyout of the autoparts supplier.
- While the Tenneco ( TEN ) deal has been approved in some jurisdictions, including China, investors are still awaiting for the deal to be filed before European antitrust regulators.
- Recall late June Tenneco ( TEN ) raised at JPMorgan as sale to Apollo likely to close on agreed terms.
For further details see:
Tenneco gains after offer to redeem debt amid deal Apollo Global deal